With the end of year extension, policymakers and stakeholders have six months to figure out a way forward for the EB-5 visa investor program, which offers a path to US Citizenship to people who lend a minimum of $900,000 to a U.S.-based project that creates or retains at least 10 US jobs.
But over the past years, there has been a lot of controversy surrounding the program. In September 2019, Senators Chuck Grassley and Patrick Leahy introduced legislation to tackle fraud, abuse and national security threats in the EB-5 Investor Visa Program. Their bill was not passed into law.
Ron Klein, a lobbyist and former Florida state representative, says the industry supports anti-fraud measures. It also doesn't have a problem with specific fixes that would incentivize EB-5 investment in more rural areas, which senators like Grassley want.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
